Ineos enters into first loan on the back of new North Sea assets

Ineos UK E&P Holdings has entered into its first, five-year, reserve-based lending facility (RBL Facility) of £220 million ($294M). 

Ineos said on Wednesday that the facility has been secured on attractive terms on the back of the recently-acquired assets from DEA UK and Fairfield Energy.

To remind, Ineos bought interests in the Breagh and Clipper South gas fields in the Southern North Sea in October last year from a UK subsidiary of DEA Deutsche Erdoel AG. Ineos also acquired additional 25% interest in the Clipper South field from Fairfield, also in October 2015.

The company explained that the facility will enable repayment of part of its equity financing for the acquisitions of DEA UK and Fairfield Energy and will facilitate future development expenditures.

Geir Tuft, Ineos Breagh CEO, said: “Ineos is a new entrant to the North Sea and this first step into the oil and gas backed lending market demonstrates support for both our strategic vision and our ambitious plans for the future.”

“This first RBL facility is a landmark for INEOS and validates the quality of the assets we acquired in 2015. It is seen as a catalyst to develop future projects and continue to pursue opportunities in the North Sea.”

The facility has been arranged by HSBC and Lloyds with participation from Barclays, Deutsche Bank, Goldman Sachs and Bank of Montreal.

Share this article

Follow Offshore Energy Today

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Africa Oil & Power 2019

The Africa Oil & Power conference will bring together an elite class of ministers and senior-level government…

read more >

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Argentina Oil and Gas Expo 2019

The Argentine Oil and Gas Institute (IAPG) organizes the Argentina Oil & Gas Expo bringing together the most…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply